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Annual Report 2019

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Annual Report 2019 Habib Bank AG Zurich Annual Report 2019 Habib Bank AG Zurich Table of contents Group key figures 2 Letter to shareholders 4 About us 5 Corporate governance 6 Management report 13 Consolidated financial statements of the Group Balance sheet 20 Off-balance sheet transactions 21 Income statement 22 Cash flow statement 24 Statement of changes in equity 26 Notes to the consolidated financial statements 28 Report of the Statutory Auditor 60 Financial statements of the Parent Bank Balance sheet 62 Off-balance sheet transactions 63 Appropriation of profit / coverage of losses / other distributions 63 Income statement 64 Statement of changes in equity 66 Notes to the parent bank financial statements 67 Report of the Statutory Auditor 82 Addresses 83 GROUP 1 Habib Bank AG Zurich Group key figures in CHF million Change in % to Balance sheet 31.12.17 31.12.18 31.12.19 31.12.18 Total assets 11'731 10'305 11'163 8.3% Equity 1'297 1'148 1'196 4.2% Advances customers 3'557 3'546 3'545 0.0% Customers deposits 9'393 8'422 8'584 1.9% Change in % to Income statement 2017 2018 2019 2018 Total income1 333.1 305.3 407.7 33.5% Operating expenses -220.7 -224.4 -227.0 1.2% Operating result 85.9 -11.7 166.3 Group profit 60.5 79.7 91.5 14.9% Change in % to Key figures and ratios 31.12.17 31.12.18 31.12.19 31.12.18 Number of offices 360 393 432 9.9% Number of employees 5'211 5'426 5'698 5.0% Return on equity (ROE) 2 4.7% 6.5% 7.8% Equity ratio 11.1% 11.1% 10.7% Cost / income ratio 66.3% 73.5% 55.7% Capital ratio 19.4% 19.5% 19.7% Liquidity coverage ratio 112.2% 115.5% 122.0% Leverage ratio 9.4% 9.7% 9.4% 1 Including "Gross result from interest operations", "Result from comission business and services", "Result from trading activities and the fair value option" and "Other result from ordinary activities" 2 Group profit as percentage of equity of average at year end Customers deposits, in CHF million Equity, in CHF million Group profit, in CHF million 10000 9'393 1500 100 91.5 8'422 8'584 1'297 1'196 79.7 1'148 8000 1200 80 60.5 6000 900 60 4000 600 40 2000 300 20 0 0 0 31.12.17 31.12.18 31.12.19 31.12.17 31.12.18 31.12.19 31.12.17 31.12.18 31.12.19 Purely for ease of reading, the masculine form used in this document is intended to refer to both genders. This consolidated financial reporting is published in English only. Due to rounding, the numbers presented in this report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 2 GROUP Habib Bank AG Zurich Waterfall in Uri in the Alps, Switzerland GROUP 3 Habib Bank AG Zurich Letter to shareholders It is our pleasure to present you the 52nd Annual Report of Habib Bank AG Zurich, based on the accounting principles issued by the Swiss Financial Market Supervisory Authority. 2019 has been a period of changes in the industry involving increased competition, ongoing digital adoption and a shifting economic environment. During the course of the year, we remained focused on building the capabilities needed to successfully meet our customers' expectations and to compete and grow well into the future. We further honed our strategy and invested in new digital capabilities and in our network. We also improved how we run the Group by simplifying processes and strengthening our cybersecurity and platform resiliency. By the grace of God, Habib Bank AG Zurichʼs operations delivered good results for 2019 while maintaining a strong capital base and high liquidity. Considering FINMAʼs guidance 02/2020 regarding prudent distribution policy, the Board of Directors has proposed that the following appropriations should be made out of the profit for the year ending 31 December 2019 and the profit carried forward from last year, adding up to a distributable amount of CHF 57’667’129: - Allocation to statutory retained earnings reserves CHF 1'300'000 - Allocation to voluntary retained earnings reserves CHF 13'000'000 - Distribution of dividend from distributable profit CHF 15'000'000 - Profit carried forward CHF 28'367'129 We would like to thank our clients for their loyalty and trust in 2019. We are also grateful to all of our employ- ees for their ongoing commitment and contribution to the overall success of Habib Bank AG Zurich. Dr. Andreas Länzlinger Muhammad H. Habib Mohamedali R. Habib Chairman of the Board of Directors President Group CEO 4 GROUP Habib Bank AG Zurich About us Habib Bank AG Zurich (hereinafter the "Bank" or "Parent Bank") was incorporated in Switzerland in 1967 and is privately owned. The Habib family has been actively involved in banking for over 75 years. Two family members, Mr. Muhammad H. Habib, President, and Mr. Mohamedali R. Habib, Group CEO, are members of General Management. Other members of the family are currently working their way up through the manage- ment ranks. The Bank and Group are subject to the consolidated supervision of the Swiss Financial Market Supervisory Authority (FINMA). The Group has a strong capital base and liquidity ratios that are above industry standards. The Group also cooperates closely with various regulatory bodies and central banks in the countries in which it operates. The Group places a strong emphasis on personalised service. This is deeply rooted in its core values of trust, integrity, commitment, respect, responsibility and teamwork as well as in its vision and mission statements: Vision To be the most respected financial institution based on trust, service and commitment. Mission To be the 'Bank of Choice' for family enterprises across generations. With its Head Office in Zurich, the Bank has branch operations in Kenya and United Arab Emirates. The Bank has subsidiaries in Canada, Hong Kong, United Kingdom, United Arab Emirates, Pakistan, South Africa and Switzerland. The Groupʼs operations are supported by its own service companies. As of 31 December 2019, headcount totaled 5'698 staff distributed among 432 offices providing personalised services to our valued clients. The Group is active in commercial banking, retail banking, trade finance, wealth management and Islamic banking. GROUP 5 Habib Bank AG Zurich Corporate governance Corporate governance Principles Board of Directors Habib Bank AG Zurich is committed to responsible, value- The Board of Directors has ultimate oversight over Habib oriented management and control. Habib Bank AG Zurich Bank AG Zurich and its subsidiaries. Under the leadership complies with all relevant Swiss legal and regulatory require- of its Chairman, it decides on the strategy of the Group ments in terms of corporate governance. The governance based on the recommendations of General Management. It documents of Habib Bank AG Zurich constitute our primary is responsible for the overall direction, management, control guidelines regarding corporate governance and are based and financial reporting of the Group as well as for supervising on Article 716b of the Swiss Code of Obligations and the compliance with applicable laws, rules and regulations. Articles of Association of Habib Bank AG Zurich. The Board of Directors consists of five or more members, which are individually elected at the Annual General Meeting and is made up of non-executive and independent directors, all of whom have extensive experience in their respective fields of competence. Members of the Board of Directors Name Board of Directors Audit Committee Risk & Control Committee Dr. Andreas Länzlinger Chairman Member Urs W. Seiler Vice-Chairman Member Member Roland Müller-Ineichen Member Chairman Ursula Suter Member Chairwoman Dr. Stephan Philipp Thaler Member Member Dr. Andreas Länzlinger Professional history and education Swiss, born 1959 Andreas Länzlinger was elected to the Board of Directors of Habib Bank AG Zurich at the 2008 Annual General Meeting. He has been Chairman of the Board of Directors since 2013. Chairman of the Board of Directors Member of the Risk & Control Prior to and since joining the Board of Directors of Habib Bank AG Zurich, Andreas Länzlinger Committee has regularly represented and advised a number of Swiss banks in civil, criminal and regulatory matters, including in matters relating to FINMA supervision. He has conducted internal investi- gations, some under the indirect supervision of FINMA, at various Swiss financial institutions. His experience includes representing clients before foreign authorities (mainly in regulatory or criminal matters, with a focus on US authorities including the DOJ, SEC, Fed and FDIC). He has advised corporate clients in matters of compliance and corporate governance and holds various teaching engagements in this field. Andreas Länzlinger completed his studies in Law from the Uni- versity of Zurich in 1983 and was admitted to the Zurich Bar in 1986. He received his Doctorate in Law (Dr. iur.) from the University of Zurich in 1992. 6 GROUP Habib Bank AG Zurich Urs W. Seiler Professional history and education Swiss, born 1949 Urs Seiler was elected to the Board of Directors of Habib Bank AG Zurich at the 2012 Annual General Meeting and was appointed Vice-Chairman of the Board in April 2015. He became a mem- Vice-Chairman of the Board ber of the Audit Committee and member of the Risk and Control Committee in 2013. of Directors Member of the Audit Committee From 2002 to 2012 Urs Seiler was a founding partner of Bugmann, Stocker, Seiler Capital Partners Member of the Risk & Control AG (based in Zurich), a company providing advisory services in the areas of capital markets, fi- Committee nance, general management consulting, real estate and corporate restructuring, including the take- over of directorships.
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